Billionaires saw their wealth grow by 62% during the pandemic, while workers' wages grew by 10%

The last two years have changed the world economy.

From March 2020 to now, the Pandemic has changed everything from where and how people work to their finances. The last two years have proven to be lucrative for the wealthiest Americans.

American billionaires saw their wealth grow by 62% between March 2020 and March 2022, according to Forbes data.

This isn't a perfect comparison of gains between billionaires and the average American worker, because it shows wealth gains of billionaires versus earnings gains of workers. The wealth of the top 1% increased from $30.73 trillion in the first quarter of 2020 to $45.86 trillion in the fourth quarter of 2021, an increase of 49.2%. The bottom 50% of the population has seen their wealth increase.

We can reduce poverty in the US by taxing the rich and investing in working families, according to a brief.

According to an analysis of Forbes data from the left-leaning Americans for Tax Fairness, billionaires had gains of 70% as of April 5, 2022. From March 18, 2020 to April 5, 2022, the net worth of Musk increased by 1,080%.

Over the past two years, billionaires have become more aware of their taxes and how much they pay. A bombshell report from ProPublica, based on leaked tax data, found that billionaires pay a small percentage of their newly-added wealth in income taxes.

Their methods for not paying were legal. The wealthiest Americans have been paying a lower effective tax rate over the last few years. Leading Democrats, including President Joe Biden, have said they hope to change that.

In 2020, the International Monetary Fund urged governments to think about instituting wealth taxes to raise revenue.

The Consumer Price Index grew 8.5% in the year to July, the highest growth rate in 41 years. Wage growth outpaced by rising prices has strained the wallet of a workforce.

billionaires relaxing on their yachts and rocketing into space are not paying their fair share of taxes, according to the brief.

Biden has not thrown his support behind a wealth tax, but he has released proposals that would target where billionaires get most of their income. Under his Billionaire Minimum Income Tax, households worth $100 million or more would pay a 20% minimum in income tax.

The rising value of assets would be included in the taxable income. The tax would raise $360 billion over the next ten years according to the White House.

Any proposal to raise taxes will likely be torched by centrist Democrats. Senator Joe Manchin, a crucial vote for the Democrats, has already taken a jab at Biden's plan.